New To Digital Money? 7 Tips To Make Safe Online and Offline Transactions

The recently daring demonetization move by Modi’s government has encouraged people to go digital and make payments through alternative modes of digital transactions such as debit or credit cards to fulfill their financial needs across the country.

However, in metro cities, digital transactions has already in use and becomes people’s way of life. It’s reported that due to demonetization, digital transactions has increased and will be the only source of transactions in coming days, so it is very important to know about some major safeguards to avoid any kind of fraud and keep your money safe.

So, here are few protective measures to take care of your digital transactions and keep your card + money safe from frauds.

(Image Source: india.com)

Tips to make safe digital transactions

1 – Generate a Strong Password:

When it comes to making online transactions, you should always consider of using a strong password in order to avoid hackers and online thefts. So, if you are new to digital transactions, always take measures while setting your banking password online, it is a good practice to always use a strong combination of numbers, alphabets, special characters and alphanumeric with use if upper and lower case.

Even, you can also try misspelling words to generate a strong password for your online transactions.

2 – Swipe Your Card Carefully:

While you are using your credit or debit card at any ATM or shopping outlets, always make sure to watch out for any nearby scammers, as there is no doubt that your transactions information might get stolen.

If proper attention not given, your information gets stolen as it is only a few seconds game for professional scammers. So, make sure to keep a close eye while you are using your card at any secure ATM or outlets.

3 – Set an Unpredictable PIN To Protect It:

Banks sets up a PIN (personal identification number) when you apply for a credit or debit card which allows you to use the card. But, always keep in mind that the PIN which is given to you by bank required to be changed with your own desired PIN for security reasons.

Don’t use a PIN which can be easily guessable, so, it is better to avoid using your basic terms such as your name, birth date or address you are living. Always generate your PIN with a unique set of numbers.

4 – Two-Factor Authentication is a Great Way:

When you are making transactions online, always opt for a two-factor authentication, as it ensures push notification on your registered phone number whenever your card is in use for the online transaction. An OTP (one-time security password) is generated and sent to your mobile phone and that OTP needs to be entered to successfully complete an online transaction.

5 – Beware of Phishing Attacks:

Phishing is a well-known process of stealing sensitive information of an online user through phone calls and fraudulent emails which are often used to find out passwords and other sensitive account details. These sensitive details are then used to make money transfers or unauthorized purchases.

So, it is very important to avoid responding to such emails and calls from unconfirmed sources to prevent any kind of sneaking to your personal information. Also, always remember to not disclose any of your personal information and PIN even if someone claims to be a bank staff.

6 – Take Special Care While Disposing of Old Documents:

Be careful while you are looking forward to disposing of your old credit card bills, bank statements, and insurance policy details, otherwise, you can land those documents in wrong hands which might lead to stealing your transaction details and financial information.

7 – Report Loss of You Card Immediately:

In the case of your credit or debit card got lost or stolen, immediately call the issuer of the card or bank as soon as possible. To report such issues, a toll-free number or 24-hour emergency services provide by a majority of card-issuing companies and banks.

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